What changed in this filing

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Item 1. Financial Statements

2021-08-06 compared with 2021-05-04 · 159 added, 60 removed, 342 unchanged (39% of the section changed)

2 unchanged sentences

Statements of Assets and Liabilities (Unaudited)

At March 31, 2021 and December 31, 2020

At June 30, 2021 and December 31, 2020

Investment in silver bullion, at fair value (a)

24 unchanged sentences

Statements of Operations (Unaudited)

For the three months ended March 31, 2021 and 2020

For the three and six months ended June 30, 2021 and 2020

Three Months Ended

Six Months Ended

Sponsor’s fees

5 unchanged sentences

Silver bullion distributed for the redemption of Shares

1,137,565,238

Net realized gain (loss)

1,146,758,999

Net change in unrealized appreciation/depreciation

1 unchanged sentence

( 1,703,184,716

Net realized and unrealized loss

Net realized and unrealized gain (loss)

1,009,595,244

1,675,551,278

Net decrease in net assets resulting from operations

( 556,425,717

Net increase (decrease) in net assets resulting from operations

1,666,597,884

Net decrease in net assets per Share (a)

Net decrease in net assets per Share based on average shares outstanding during the period.

( 594,652,867

Net increase (decrease) in net assets per Share (a)

Net increase (decrease) in net assets per Share based on average shares outstanding during the period.

See notes to financial statements.

1 unchanged sentence

Statements of Changes in Net Assets (Unaudited)

For the three months ended March 31, 2021

Three Months Ended

March 31, 2021

For the three and six months ended June 30, 2021

Six Months Ended

June 30, 2021

Net Assets at December 31, 2020

16 unchanged sentences

13,796,532,456

Net investment loss

Net realized gain

Net change in unrealized appreciation/depreciation

Net increase in net assets resulting from operations

Capital Share Transactions:

Contributions for Shares issued

Distributions for Shares redeemed

( 1,177,999,610

Net decrease in net assets from capital share transactions

( 412,205,443

Increase in net assets

Net Assets at June 30, 2021

14,374,981,738

Shares issued and redeemed

6 unchanged sentences

Statements of Changes in Net Assets (Unaudited)

For the three months ended March 31, 2020

Three Months Ended

March 31, 2020

For the three and six months ended June 30, 2020

Six Months Ended

June 30, 2020

Net Assets at December 31, 2019

15 unchanged sentences

5,505,117,093

Net investment loss

Net realized loss

Net change in unrealized appreciation/depreciation

1,686,694,147

Net increase in net assets resulting from operations

1,666,597,884

Capital Share Transactions:

Contributions for Shares issued

1,962,530,775

Distributions for Shares redeemed

( 250,788,865

Net increase in net assets from capital share transactions

1,711,741,910

Increase in net assets

3,378,339,794

Net Assets at June 30, 2020

8,883,456,887

Shares issued and redeemed

5 unchanged sentences

Statements of Cash Flows (Unaudited)

For the three months ended March 31, 2021 and 2020

Three Months Ended

For the six months ended June 30, 2021 and 2020

Six Months Ended

Cash Flows from Operating Activities

7 unchanged sentences

Reconciliation of Net Increase (Decrease) in Net Assets Resulting from Operations to Net Cash Provided by (Used in) Operating Activities

Net decrease in net assets resulting from operations

( 1,585,307,592

Net increase (decrease) in net assets resulting from operations

( 594,652,867

12 unchanged sentences

5,234,465,003

2,852,348,213

Silver bullion distributed for Shares redeemed

4 unchanged sentences

Schedules of Investments (Unaudited)

At March 31, 2021 and December 31, 2020

March 31, 2021

At June 30, 2021 and December 31, 2020

June 30, 2021

Silver bullion

2 unchanged sentences

$ 14,381,334,638  

Total Investments – 

14,381,334,638  

Less Liabilities – 

( 6,352,900 )

Net Assets – 

$ 14,374,981,738  

4 unchanged sentences

$ 14,797,590,146  

Total Investments – 

14,797,590,146  

Less Liabilities – 

( 5,797,426 )

Net Assets – 

$ 14,791,792,720  

2 unchanged sentences

Notes to Financial Statements (Unaudited)

March 31, 2021

June 30, 2021

The iShares Silver Trust (the “Trust”) was organized on April 21, 2006 as a New York trust.

26 unchanged sentences

Gain or loss on sales of silver bullion is calculated on a trade date basis using the average cost method.

The following tables summarize activity in silver bullion for the three months ended March 31, 2021 and 2020:

Three Months Ended March 31, 2021

The following tables summarize activity in silver bullion for the three months ended June 30, 2021 and 2020:

Three Months Ended June 30, 2021

Beginning balance

2 unchanged sentences

$ 13,802,981,086  

$  —

Silver bullion contributed

21 unchanged sentences

$ 253,000,427  

Three Months Ended March 31, 2020

Three Months Ended June 30, 2020

Beginning balance

2 unchanged sentences

$ 5,507,482,733  

$  —

Silver bullion contributed

11 unchanged sentences

( 7,832,116 )  

Net realized loss

( 11,142,869 )  

Net change in unrealized appreciation/depreciation

1,686,694,147  

Ending balance

498,007,498  

$ 8,374,199,813  

$ 8,886,943,805  

$ ( 11,142,869 )

The following tables summarize activity in silver bullion for the six months ended June 30, 2021 and 2020:

Six Months Ended June 30, 2021

Beginning balance

558,715,882  

$ 10,472,474,303  

$ 14,797,590,146  

Silver bullion contributed

192,263,810  

5,234,465,003  

Silver bullion distributed

( 191,415,186 )  

( 3,919,057,880 )  

( 5,056,623,118 )  

1,137,565,238  

Silver bullion sold to pay expenses

( 1,391,223 )  

( 28,477,915 )  

( 37,671,676 )  

9,193,761  

Net realized gain

1,146,758,999  

Net change in unrealized appreciation/depreciation

( 1,703,184,716 )  

Ending balance

558,173,283  

$ 11,759,403,511  

$ 14,381,334,638  

$ 1,146,758,999  

Six Months Ended June 30, 2020

Beginning balance

362,616,711  

$ 6,294,157,046  

$ 6,543,418,555  

$  —

Silver bullion contributed

180,427,906  

2,852,348,213  

Silver bullion distributed

( 44,081,945 )  

( 755,993,432 )  

( 735,788,453 )  

( 20,204,979 )

Silver bullion sold to pay expenses

( 955,174 )  

( 16,312,014 )  

( 15,803,415 )  

Net realized loss

23 unchanged sentences

Any interest, expenses, gains and losses are passed through to the holders of Shares of the Trust.

The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust as of March 31, 2021 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

The Sponsor has analyzed applicable tax laws and regulations and their application to the Trust as of June 30, 2021 and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

Trust Expenses

27 unchanged sentences

Financial Highlights

The following financial highlights relate to investment performance and operations for a Share outstanding for the three months ended March 31, 2021 and 2020.

The following financial highlights relate to investment performance and operations for a Share outstanding for the three and six months ended June 30, 2021 and 2020.

Three Months Ended

Six Months Ended

Net asset value per Share, beginning of period

Net investment loss (a)

Net realized and unrealized loss (b)

Net decrease in net assets from operations

Net realized and unrealized gain (loss) (b)

Net increase (decrease) in net assets from operations

Net asset value per Share, end of period

15 unchanged sentences

The three levels of the fair value hierarchy are as follows:

Level 1 −

Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2 −

Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means;

Level 3 −

Unobservable inputs that are unobservable for the asset or liability, including the Trust’s assumptions used in determining the fair value of investments.

At March 31, 2021 and December 31, 2020, the value of the silver bullion held by the Trust is categorized as Level 1.

At June 30, 2021 and December 31, 2020, the value of the silver bullion held by the Trust is categorized as Level 1.

Management ’

2 unchanged sentences

The discussion and analysis that follows may contain statements that relate to future events or future performance.

In some cases, such forward looking statements can be identified by terminology such as “

may, ”

should, ”

could, ”

expect, ”

plan, ”

anticipate, ”

believe, ”

estimate, ”

predict, ”

potential ”

In some cases, such forward looking statements can be identified by terminology such as “may,”

“should,”

“could,”

“expect,”

“plan,”

“anticipate,”

“believe,”

“estimate,”

“predict,”

“potential”

or the negative of these terms or other comparable terminology.

2 unchanged sentences

These statements are based upon certain assumptions and analyses made by the Sponsor on the basis of its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate in the circumstances.

Whether or not actual results and developments will conform to the Sponsor ’

s expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations discussed below, general economic, market and business conditions, changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments.

Whether or not actual results and developments will conform to the Sponsor’s expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations discussed below, general economic, market and business conditions, changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments.

Although the Sponsor does not make forward-looking statements unless it believes it has a reasonable basis for doing so, the Sponsor cannot guarantee their accuracy.

Except as required by applicable disclosure laws, neither the Trust nor the Sponsor is under a duty to update any of the forward-looking statements to conform such statements to actual results or to a change in the Sponsor ’

s expectations or predictions.

The iShares Silver Trust (the “Trust”) is a grantor trust formed under the laws of the State of New York.

19 unchanged sentences

The use of an indicator of the value of silver bullion other than the LBMA Silver Price could result in materially different fair value pricing of the silver held by the Trust, and as such, could result in different cost or market adjustments or in different redemption value adjustments of the outstanding redeemable capital Shares.

Having valued the silver held by the Trust, the Trustee then subtracts all accrued fees, expenses and other liabilities of the Trust from the total value of the silver held by the Trust and other assets of the Trust.

Having valued the silver held by the Trust, the Trustee then subtracts all accrued fees, expenses and other liabilities of the Trust from the total value of the silver and other assets of the Trust.

The result is the net asset value of the Trust.

12 unchanged sentences

Results of Operations

The Quarter Ended March 31, 2021

The Trust’s net asset value fell from $14,791,792,720 at December 31, 2020 to $13,796,532,456 at March 31, 2021, a 6.73% decrease.

The decrease in the Trust’s net asset value resulted primarily from a decrease in the LBMA Silver Price, which fell 9.40% from $26.49 at December 31, 2020 to $24.00 at March 31, 2021.

The decrease in the Trust’s net asset value was partially offset by an increase in the number of outstanding Shares, which rose from 600,950,000 Shares at December 31, 2020 to 619,300,000 Shares at March 31, 2021, a consequence of 176,700,000 Shares (3,534 Baskets) being created and 158,350,000 Shares (3,167 Baskets) being redeemed during the quarter.

The 9.47% decrease in the Trust’s NAV from $24.61 at December 31, 2020 to $22.28 at March 31, 2021 is directly related to the 9.40% decrease in the price of silver.

The Trust’s NAV decreased slightly more than the price of silver on a percentage basis due to the Sponsor’s fees, which were $19,286,631 for the quarter, or 0.12% of the Trust’s average weighted assets of $15,631,562,346 during the quarter.

The NAV of $27.48 on February 1, 2021 was the highest during the quarter, compared with a low during the quarter of $22.28 on March 31, 2021.

Net decrease in net assets resulting from operations for the quarter ended March 31, 2021 was $1,585,307,592, resulting from an unrealized loss on investment in silver bullion of $2,459,779,533, a net realized gain of $888,549,245 on silver distributed for the redemption of Shares, a net realized gain of $5,209,327 from silver bullion sold to pay expenses, and a net investment loss of $19,286,631.

The Quarter Ended June 30, 2021

The Trust’s net asset value increased from $13,796,532,456 at March 31, 2021 to $14,374,981,738 at June 30, 2021, a 4.19% increase.

The increase in the Trust’s net asset value resulted primarily from an increase in the LBMA Silver Price, which increased 7.38% from $24.00 at March 31, 2021 to $25.77 at June 30, 2021.

The increase in the Trust’s net asset value was partially offset by a decrease in the number of outstanding Shares, which fell from 619,300,000 Shares at March 31, 2021 to 601,800,000 Shares at June 30, 2021, a consequence of 30,300,000 Shares (606 Baskets) being created and 47,800,000 Shares (956 Baskets) being redeemed during the quarter.

The 7.23% increase in the NAV from $22.28 at March 31, 2021 to $23.89 at June 30, 2021 is directly related to the 7.38% increase in the price of silver.

The Trust’s NAV increased slightly less than the price of silver on a percentage basis due to the Sponsor’s fees, which were $18,940,519 for the quarter, or 0.12% of the average weighted assets of $15,200,399,950 during the quarter.

The NAV of $26.42 on May 18, 2021 was the highest during the quarter, compared with a low during the quarter of $22.57 on April 1, 2021.

Net increase in net assets resulting from operations for the quarter ended June 30, 2021 was $990,654,725, resulting from an unrealized gain on investment in silver bullion of $756,594,817, a net realized gain of $249,015,993 on silver distributed for the redemption of Shares, a net realized gain of $3,984,434 from silver bullion sold to pay expenses and a net investment loss of $18,940,519.

Other than the Sponsor’s fees of $18,940,519, the Trust had no expenses during the quarter.

The Six-Month Period Ended June 30, 2021

The Trust’s net asset value fell from $14,791,792,720 at December 31, 2020 to $14,374,981,738 at June 30, 2021, a 2.82% decrease.

The decrease in the Trust’s net asset value resulted primarily from a decrease in the LBMA Silver Price, which fell 2.72% from $26.49 at December 31, 2020 to $25.77 at June 30, 2021.

The decrease in the Trust’s net asset value was partially offset by an increase in the number of outstanding Shares, which rose from 600,950,000 Shares at December 31, 2020 to 601,800,000 Shares at June 30, 2021, a consequence of 207,000,000 Shares (4,140 Baskets) being created and 206,150,000 Shares (4,123 Baskets) being redeemed during the period.

The 2.93% decrease in the NAV from $24.61 at December 31, 2020 to $23.89 at June 30, 2021 is directly related to the 2.72% decrease in the price of silver.

The NAV decreased slightly more than the price of silver on a percentage basis due to the Sponsor’s fees, which were $38,227,150 for the period, or 0.25% of the Trust’s average weighted assets of $15,414,790,092 during the period.

The NAV of $27.48 on February 1, 2021 was the highest during the period, compared with a low during the period of $22.28 on March 31, 2021.

Net decrease in net assets resulting from operations for the six months ended June 30, 2021 was $594,652,867, resulting from a net realized gain of $1,137,565,238 on silver distributed for the redemption of Shares, a net realized gain of $9,193,761 from silver bullion sold to pay expenses, offset by an unrealized loss on investment in silver bullion of $1,703,184,716 and a net investment loss of $38,227,150.

Other than the Sponsor’s fees of $38,227,150, the Trust had no expenses during the period.

Quantitative and Qualitative Disclosures About Market Risk.

1 unchanged sentence

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements